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AT&T counts the cost of natural disasters in the third quarter

AT&T counts the cost of natural disasters in the third quarter

AT&T Inc said on Wednesday that its third-quarter results took a hit from a string of hurricanes that tore into parts of the United states and earthquakes in Mexico.

AT&T also stated that the damage to its network, properties, restoring services, and revenue clines from waived charges will negatively impact its third quarter.

The quake and the series of hurricanes that hit various parts of the US shaved about $90 million off revenue in the period and dinged pre-tax earnings by about $210 million, or 2 cents a share.

The decline of traditional video subscribers has a negative impact on AT&T's Entertainment Group revenues and margins; the group said the third quarter adjusted consolidated operating income margin would therefore "be essentially flat" versus the year-ago third quarter.

Wal-Mart Stores Inc (WMT) Shares Sold by Pinnacle Advisory Group Inc
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in WMT . BidaskClub cut Wal-Mart Stores from a "strong-buy" rating to a " buy" rating in a research note on Tuesday, June 20th.

The company's shares fell marginally in extended trading on Wednesday.

In the three months to the end of September the group saw its DIRECTV NOW service add around 300,000 (net) customers, but total U.S. video subscribers were down about 90,000. AT&T, which is the number two USA wireless carrier and also owner of DirecTV, said in the filing that it had lost 90,000 us video subscribers, now at 300,000 subscribers.

AT&T, which is still awaiting final approval on its $85 billion merger with Time Warner, said it will lose 390,000 traditional video subscribers but gain 300,000 on its over-the-top digital service. But it doesn't expect that trend to affect gross adds and it's continuing to expand its postpaid smartphone base.


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